Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

2018 to be the year of ‘savvy spenders’

The survey found that some 54% of people have altered their purchasing routines, while 60% have also changed their eating or going out habits since the start of 2018. (Gareth Fuller/PA Wire)
The loss of the Universal Credit uplift will plunge thousands in Scotland into deep poverty say experts.

 

THIS is set to be the year of the “savvy spenders”, with more than half of people having changed their money habits since the start of 2018, a survey has found.

Some 54% of people have altered their purchasing routines, while 60% have also changed their eating or going out habits since the start of 2018, according to Lloyds Bank’s spending power report.

Of those who have changed their spending habits, a third (34%) have reduced spending on clothes and personal care items, and a fifth (20%) are turning to voucher codes and discount websites.

The average consumer tightening their belts claims to have reduced their spending by £21.53 a week since the start of the year.

The report said: “2018 on course to be the year of the savvy spenders”.

Younger people were particularly likely to say they were using voucher codes or had cut back on eating out, with 27% of 18 to 34 year olds using voucher codes and discount websites more often and a third (33%) of 25 to 34-year-olds swapping dining out for eating in.

Only around one in five (22%) people think they will have more money in six months’ time, the survey of over 2,000 people in January found.

Robin Bulloch, managing director of Lloyds Bank, said: “It is clear that many young people are concerned about the pressure on their finances in 2018 and are looking at ways to reduce their outgoings.”

A separate report from the British Retail Consortium (BRC) and KPMG found this week that shoppers were dealing with the “financial reality” of their budgets being eaten up by essential spending in February, leaving less cash for discretionary purchases.

Weak growth in household earnings is keeping overall sales low, that report said.

Helen Dickinson, chief executive of the BRC, said this week: “The fact is that consumers want to spend, they just don’t have the resources to do so.”